July 4th, 2017 Mortgage Industry Update

The Bank of Canada announced on May 24th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Fixed rates have slightly risen over the last week with the expectation they will further slightly increase in the upcoming weeks.

Additionally this week:
– Mercer’s Cost of Living Survey: Vancouver has overtaken Toronto as Canada’s most expensive city for expatriates according to annual ranking.